The mortgage industry recently underwent a large change in the way high-ratio mortgages are now qualified and approved. A high-ratio mortgage is a mortgage where less than 20% of the total value of the home is being put forward as a down payment. While these mortgages traditionally required CMHC insurance the qualification process for them […]
Mortgage Connection Blog
October 17, 2016 Mortgage Qualification Changes
On Monday, October 3, 2016 the Bank of Canada announced that as of October 17, 2016 any insured mortgage applications must be qualified at the benchmark rate (which is currently set at 4.64%). As of right now only variable mortgages, or mortgages with terms shorter than 5 years, are qualified at the benchmark rate. All […]
6 Things Your Mortgage Broker Does For You
Mortgage Connection is here to streamline your home buying refinancing or mortgage renewal process by removing stress and minimizing frustration. When it comes to helping you find the perfect home at the perfect price we will do whatever we can to help you obtain a mortgage that suits your current and future financial needs. Here […]
Are Mortgage Vacations a Good Idea?
Is it actually a good idea to take a vacation from your mortgage? There are a lot of advertisements promoting the benefits of mortgage vacations recently, so we decided to examine the benefits and potential downfalls so that you can decide whether or not a mortgage vacation is the right financial move for you. What […]
Can I Use Gift Funds for My Down Payment?
Ensuring you have enough funds for a down payment can be daunting, especially for first time home buyers. To help mitigate the financial strain a down payment can cause many families of first time home buyers offer to contribute funds towards the down payment. While it is possible to use gifted funds as part or […]
Is the Lowest Mortgage Rate Always the Best Choice?
For a lot of people looking to acquire a mortgage, the math seems pretty simple: A mortgage with a lower interest rate means that you will end up spending less money than a mortgage with a higher one. However, choosing a mortgage simply because it offers the lowest rate is not always the best course […]
Should I Wait for my Mortgage to Mature?
A lot of people ask if it is best to wait for their mortgages to mature before making any changes to it. The answer to that question depends on what your current mortgage looks like. Anyone who is considering breaking their current mortgage should take a good look at their present conditions first, and compare […]
Can You Apply Borrowed Money to a Down Payment?
One of the early steps of the home buying process is to secure the funds needed for your down payment. This is especially true if you want to acquire a home in an expensive market. There are a large variety of lending institutions you can choose from nowadays, so it is possible for you to […]
Ways to Unlock the Value in Your Home
For most Canadians, the home they own is the biggest asset they have. In some cases, it may be their only asset. This means that if you need to access extra funds for things like home repairs, renovations, or other investments, you may consider using your home as leverage in order to get a loan […]